Shares of luxury retailer Tiffany may be the most expensive thing sold with the company’s name on it.

Trading at 20 times its next twelve months’ price to earnings ratio, Tiffany share are currently near their all-time high of $82.84, reached earlier this month.

Compare Tiffany’s returns to other luxury brands. Ralph Lauren, for example, is up 15% this year, but the last six months have seen that name flat. Coach, meanwhile, is down 4%. Tiffany, however, has rewarded investors with a 40% return since the start of 2013.

Meanwhile, retailers as a whole are up 25% for the year as measured by the SPDR Retail ETF (XRT) but August has been a cruel month and the index is down 5% since August 1.

Tiffany is thought of by many to be a barometer of the high-end market. So, as investors await earnings numbers from the company tomorrow morning, could this iconic brand signal trouble for well-heeled customers and investors, too? Or is there more to this story?

Talking numbers on Tiffany is Brian Nagel, Senior Analyst at Oppenheimer & Co. Nagel says there is one sector which could give an indication of where Tiffany is headed and it’s one most investors wouldn’t normally associate with luxury.